Wheat Futures Rally ahead of USDA Report

Chicago July wheat traded higher on the day Tuesday with KC July trailing just behind it in gains. Row crop markets saw a bit of support despite relatively negative action in the outside markets. From the floor of the CME Group, Larry Shover shares his observations of Tuesday’s markets.

Shover: “Tuesday, June 11th, we saw all greens in the grain markets. Wheat carried over with all other ags right now. Up on all three exchanges between 4 and 8 cents. Again we talk about demand and weather concerns. The Bears do say that the trade doesn’t warrant what we are doing that there are no positive seasonals to the trade but the bears really aren’t having their day right now as wheat continues to climb higher right now.”

Chicago July Wheat ended Tuesday up 7 cents at 6-96 and 3/4. July corn ended the day up 9 and 1/2 cents at 6-59 and 1/2.??Portland prices for soft white wheat and club wheat were up 7 to 10 and 1/4 cents at mostly 7-39. Hard Red Winter Wheat with 11.5 pct protein prices were up 4 cents at mostly 8-63. DNS wheat with 14 pct protein prices were mixed down 3/4 of a cent to up 1 and 1/4 cents at mostly 9-24 and 3/4. ??August live cattle were up Tuesday $1.27 and half at 119-70. August Feeder cattle were up $1.25 at 144-67 and half. July class III milk was down 30 cents at 18-32.